Dear Jason,

The first thing to do is to learn all you can about the self storage business. Do a research on the business, including the costs and investments it entails, operational considerations and the factors that make a self storage business successful. Parallel with getting industry information, you also need to start looking at the size of the market for self storage in your planned location, number and services offered by competitors, permits and licenses, as well as other county/city requirements for this type of business including commercial zoning regulations.

You may want to start your research with the Self Storage Association at http://www.selfstorage.org . They have produced several must-read publications on the self storage industry that any would-be entrant in this field should read. These studies include Financial & Operational Characteristics of Self Storage Facilities; Self Storage Demand Study; The Best of The Self Storage Legal Network: Answers to the 75 Most Frequently Asked Legal Questions; among others. The prices of the publication may be a bit steep but it is always better to know more about the market before you enter it, especially for a business that will require significant initial outlay.

Another important resource is Inside Self Storage’s http://www.insideselfstorage.com publication called Inside Self Storage Factbook that is published on an annual basis. The Factbook contains information on wide ranking issues affecting the self storage business from construction, insurance, security and access, management, marketing, among others.

You may also want to check out the following books:

Market Analysis and Valuation of Self-Storage Facilities (Paperback) by Richard R. Correll
How to Invest in Self-Storage (Paperback) by Scott Duffy; RK Kliebenstein Book:

I have also included links below to a sample business plan that you can study and even adapt, as well as an overview of the self storage business from a subsidiary of SBA.

Self Storage Industry: http://sbdcnet.utsa.edu/E-Newsletters/news3.htm  Sample Business Plan: http://www.bplans.com/spv/3303/2.cfm  Ministorage.com Messenger http://www.ministoragemessenger.com/associations/ 

Good luck!

Isabel Isidro
Managing Editor
PowerHomeBiz.com

The opinions expressed in this column are those of the author, not of PowerHomeBiz.com. Users should not treat the Guide's response as legal, accounting, or professional advice as all answers are intended to be general in nature. Such advice can only be properly given by qualified professionals who are fully aware of a user's specific geographical areas or circumstances, such as an attorney or accountant.